SRNE - Sorrento subsidiary Scilex to go public via SPAC deal with Vickers Vantage

Scilex Holding Company, a subsidiary of Sorrento Therapeutics (SRNE +1.7%), announced the signing of a letter of intent with Vickers Vantage Corp. I (NASDAQ:VCKA) for a proposed business combination. Subject to adjustments, the deal values Scilex at ~$1.5B in terms of pre-transaction equity value. The funds estimated at $140M in gross proceeds are expected to help further advance the development and commercialization of Vickers’ portfolio of non-opioid products, led by FDA-approved pain medication for postherpetic neuralgia ZTlido (lidocaine topical system). “If completed, this transaction could propel us into the next phase of growth…” remarked Henry Ji, CEO of Sorrento (NASDAQ:SRNE). Jeffrey Chi, CEO of Vickers, added: “We believe that a proposed merger of Scilex and Vickers Vantage Corp I could build near and long-term value for shareholders.” Per the letter of intent, the parties have agreed to change the name of the combined company to Scilex Holding Company. It is

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Sorrento subsidiary Scilex to go public via SPAC deal with Vickers Vantage